Brutus Construction
Brutus Construction Started Work on a New High

Brutus Construction
Brutus Construction started work on a new high rise building on January 1, 2016. The project completion date is December 2018. The contract price is $54,000,000. The following are the actual costs incurred and estimates of cost to complete the project.
$$\begin{array} { | c | c | c | } \hline \text { Years } & \text { Actual costs incurred } & \text { Estimated costs to complete } \\\hline 2016 & \$ 15,000,000 & \$ 30,000,000 \\\hline 2017 & 22,500,000 & 22,500,000 \\\hline 2018 & 17,500,000 & - 0 - \\\hline\end{array}$$
-Refer to Brutus Construction. Calculate gross profit or loss for each year using the completed-contract method.